Reports preliminary 4Q 2013 results and increased quarterly dividend of $0.40 per share
Hamilton, Bermuda, February 27, 2014. Ship Finance International Limited (“Ship Finance” or the “Company”) today announced its preliminary financial results for the quarter ended December 31, 2013.
Increased fourth quarter dividend of $0.40 per share
Delivery of harsh-environment jack-up drilling rig
$390 million refinancing of ultra-deepwater drilling rig
Disposal of two older VLCCs
Selected key financial data:
|Three Months Ended|
|Dec 31, 2013||Sep 30, 2013|
|Earnings per share||$0.20||$0.14|
Dividends and Results for the Quarter Ended December 31, 2013
The Board of Directors has declared an increased quarterly cash dividend of $0.40 per share, and Ship Finance has now declared dividends for 40 consecutive quarters. The dividend will be paid on or about March 28, 2014 to shareholders of record as of March 12, 2014. The ex-dividend date will be March 10, 2014.
The Company reported total U.S. GAAP operating revenues on a consolidated basis of $71.7 million, or $0.77 per share, in the fourth quarter of 2013. This number excludes $11.6 million of revenues classified as ‘repayment of investments in finance lease’, and also excludes $70.9 million of charter revenues earned by assets classified as ‘investment in associate’.
Reported net operating income pursuant to U.S. GAAP for the quarter was $23.4 million, or $0.25 per share, and reported net income was $18.3 million, or $0.20 per share. This includes approximately $1.0 million of non-cash expense of theoretical equity cost relating to one of our convertible bonds and $0.8 million of drydocking costs which were fully expensed in the quarter.
Ole B. Hjertaker, Chief Executive Officer of Ship Finance Management AS said in a comment: “The improved tanker market seen in the fourth quarter continued into the first quarter this year. Ship Finance is well positioned with two modern Suezmax tankers operating in the spot market and twenty crude oil tankers chartered to Frontline with a cash sweep feature in the agreements.”
Questions can be directed to Ship Finance Management AS:
Investor and Analyst Contact:
Harald Gurvin, Chief Financial Officer: +47 23114009
Magnus T. Valeberg, Senior Vice President: +47 23114012
Ole B. Hjertaker, Chief Executive Officer: +47 23114011
About Ship Finance
Ship Finance is a major ship owning company listed on the New York Stock Exchange (NYSE: SFL). Including newbuildings, the Company has a fleet of 64 vessels, including 22 crude oil tankers (VLCC and Suezmax), two chemical tankers, 12 drybulk carriers, 15 container vessels (including six newbuildings), two car carriers, six offshore supply vessels, three jack-up drilling rigs, two ultra-deepwater semi-submersible drilling rigs and one ultra-deepwater drillship. The fleet is one of the largest in the world and most of the vessels are employed on long-term charters.
More information can be found on the Company’s website: www.shipfinance.org
Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including Ship Finance management’s examination of historical operating trends. Although Ship Finance believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, Ship Finance cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.